Ondo Finance is making headlines in the cryptocurrency world with its recent surge in value, driven by two key developments. The first is the filing of an exchange-traded fund (ETF) by asset manager 21Shares with the US Securities and Exchange Commission (SEC). This move indicates a growing interest from institutional investors in RWA tokens.
Secondly, Binance US has listed ONDO on its platform, further fueling its upward momentum. The altcoin saw a 10% increase in value following the news of the listing, reaching $1.1642 from a daily low of $1.0583.
ONDO is at the forefront of Ondo Finance’s mission to tokenize traditional assets and bring them onto the blockchain. With the growing interest in real-world asset (RWA) platforms, the ETF filing by 21Shares and the listing on Binance US come at a perfect time as both retail and institutional investors seek exposure to ONDO.
Institutional interest in ONDO has been on the rise, with major players like BlackRock showing interest in the cryptocurrency. MasterCard has also partnered with Ondo Finance as its first RWA provider, while Ripple has utilized the blockchain to launch OUSG on its XRPL.
21Shares’ ETF filing for ONDO further solidifies the token’s appeal to institutional investors. The move demonstrates traditional finance’s serious interest in the tokenization sector and highlights the asset manager’s commitment to compliance and innovation in the realm of RWAs and DeFi.
Binance US’ listing of ONDO provides the cryptocurrency with access to a vast retail audience in the United States. This listing also serves as a platform for ONDO to reach a wider audience and potentially attract more investors.
In terms of price outlook, ONDO is currently trading at $1.11 after a minor correction from its daily highs. The increased trading volume over the past 24 hours suggests continued interest in the RWA token, hinting at a potential uptrend.
Technical indicators support a short-term momentum shift for ONDO, with the MACD on the 3H chart showing green histograms after a bullish crossover and the Chaikin Money Flow indicating increased accumulation of ONDO over the past week. This trend suggests confidence in the token’s near-term performance.
Bullish targets for ONDO include surpassing the late January price levels above $1.60, which could pave the way for further gains towards the $2 psychological level.
Overall, Ondo Finance’s recent developments, including the ETF filing and listing on Binance US, have positioned ONDO as a promising asset in the cryptocurrency market, attracting attention from both retail and institutional investors.